All Forum Posts by: Thyra Dixon

So I'm ordering new business cards now that I have a logo and am wondering  - what all do you put on your cards?

I have my company name, logo, my name, phone and email. I also thought about putting something along the lines of this:

WE PAY REFERRAL FEES!

We buy Single Family Homes, Multi-Family Apartments, Mobile Homes & Mobile Home Parks.

Send us an address for a property that we end up buying and we will pay you as much as $1,000!*

* $100 - $1,000 dependent on information provided

Do you have a title on your business card? If so, what do you use?

Owner?

Deal Finder Extraordinaire?

Real Estate Solution Expert?

Or nothing, just name, number, email.

I know I'm overthinking this but would appreciate any thoughts!

Hello BPers! I am looking for a referral to a Real Estate Attorney. I have an issue with a contractor that requires a lawsuit. Anyone have experience with an attorney here in the valley? I would appreciate any and all referrals!

Thanks,

@Matt Greer - Next time we talk, let's discuss this too. I need to get someone lined up to BRRRR that house we are getting!

Hi BP community! I'm looking for advice on the best way to manage my BRRRR properties and the entities and finances associated with them.

Here's where I'm at now:

I currently own one SFR that is under renovation for rental. I purchased this under the name of LLC#1. I have the cash set aside in a bank account to cover the reno and all costs until it is rented and I can refi it.

I just got an offer accepted on SFR #2. I have the cash for this purchase and property in a general savings account.

I have two more offers in counters. The money for these projects is also in the general savings account.

Property #1 will have to wait for 6 months to season for my refi since I didn't get reno costs on the HUD-1 but all projects going forward will be set up to qualify for delayed financing.

My question is how does everyone else manage and track the money?

Should I buy each house in a separate LLC? (I do have 4 other LLCs open and sitting empty if this is the best route.) This would require having a separate bank account for each LLC/Property. Right now $14 acct fee/mo/property at 3-4 houses is no big deal. But the goal is to grow quickly - I have three funds for BRRRR which I hope to turn over 2-3 times per year, adding 6-9 properties per year. That creates a lot of LLCs and bank accounts and monthly fees.

Since all the homes are in the same market, should I just keep them in one LLC and run them through the same bank account? Or does this make separating expenses per property too complicated?

Am I overthinking it?

What do all the experienced investors out there do?

Thanks in advance for any advice and guidance you have to offer.

Thyra

Listen to Podcast #301 - The Incredible Power of Long-Distance BRRRR Investing with Alex Felice.

@Alexander Felice does delayed financing with his rental purchases. He mentions in the podcast that he has his contractor submit an invoice for the full cost of renovations to the escrow company. This gives him full purchase and reno costs on the HUD-1 so that he can get that amount out when the property is rented.

Hi Antornette! 

Welcome to BP and house flipping! I would recommend listening to the podcasts as a great way to start gathering information and learning. When I first found BP, I listened to them non-stop starting with the most recent and working my way backwards. Also, be sure to sign up for the weekly webinars as they are invaluable. Finally, just start searching the forums for topics that you are interested in. There is an abundance of informtion here and everyone is willing to help and answer questions!

Good luck and let me know if you have any specific questions.

Thyra

@Ryan Pollack I am an investor based out of Surprise, AZ and am seeing the same thing you are here in the valley. SFR aren't close to cash-flowing and MFU aren't much better. And all the wholesalers in the area seem to be over-inflating ARVs and under-estimating repair costs. I too have started looking in the Casa Grande/AZ City area. I actually went to AZ City last week to check out the area. It is a bit of an odd duck area but I spoke to some locals - hardware shop, realtors, business owners, etc - and they all have been feeling an inflow of people lately. Duplexes that sold for $25k in 2008 are up to $169k and selling. And the property managers that I spoke with that work in the area say they are having a hard time finding properties to rent. Based on this and other research I've done, I tend to agree with @Doug McVinua . I will definitely be investing in the CG/AZC area!

My husband and I are currently investing in AZ and NC. While our experience is in Fix & Flips and SFR rentals, we are interested in MHP, especially in AZ. I'm following this thread and look forward to connecting.

 Alex,

Thanks for the reply. While I have purchased the property, I have not yet done the renovations. I'm waiting for my contractor to be available mid-February. And the reason I will want delayed financing is that I have paid cash for the purchase and will pay cash for the reno so I want to get a loan ASAP so I can get another property quickly. This is a bit of an odd situation so it's not something I will deal with on a regular basis. I bought the property from the County Attorney's office since it was a tax foreclosure. I just wrote the check and they issued a deed in my LLC name. Hence, the lack of a HUD.

You're probably right in that delayed financing will not work for this one since I would have to sell it from LLC #1 to LLC #2 to get the purchase and reno costs onto a HUD. But thank you for the advice about starting early. Reno should be done by June so I'll start about 6 weeks prior to completion date so I can get my money back and go do it again!

Hey @Alexander Felice - question for you - I bought a house through a tax deed directly from the county so there will be no HUD-1. Total in for the purchase and reno will be about $65k with an ARV of $100k-ish.

Is there a way to do delayed financing in this case or would I just have to wait for 6 months after the purchase to get a traditional loan?

I had the thought that I might sell it from my purchasing LLC to another of my LLCs but am not sure if that will work.

Any thoughts you have will be appreciated!

Thanks,

Thyra